Digital Marketing: LinkedIn gets firms noticed by prized, high-net-worth individuals

By Guy Alvarez

High-net-worth individuals (HNWIs) are a coveted demographic for many businesses, and law firms are no exception. These affluent individuals have unique needs requiring specialized legal services, making them an ideal audience for certain law practices.

But how can a law firm find and connect with this much-sought-after group? The answer is LinkedIn. 

Forbes Advisor defines high-net-worth individuals as having liquid assets of at least $1 million, excluding primary residence, collectibles, consumables, and consumer durables. Their backgrounds vary widely, from entrepreneurs who’ve launched successful startups to executives at leading companies and organizations.

LinkedIn is a natural fit for this cohort. In fact, according to HootSuite, 53% of those utilizing the platform in the United States are categorized as high-income earners, and 80% play a significant role in business decision-making.

For law firms, challenges lie in both finding HNWIs and in approaching them in a manner that resonates with their unique preferences and needs. They value professionalism, discretion, and specialized knowledge. LinkedIn is an ideal platform for subtly demonstrating a firm’s expertise and for establishing credibility with this discerning audience.

Targeted marketing and enhanced credibility 

Several LinkedIn tools and features are useful for targeted marketing to HNWIs, including:

• User info: LinkedIn’s rich user data can be used to identify and engage with high-value clients. Law firms can create more personalized and relevant content, improving their marketing efficiency and effectiveness.

• Advanced search filters: With advanced search filters, law firms can narrow their target audience based on specific criteria such as location, industry, job title, company size, and more. This allows legal marketers to reach the right individuals who are more likely to require their services.  

• Sponsored content and InMail: LinkedIn offers sponsored content and InMail as paid advertising options that allow law firms to target high-income individuals directly. Sponsored content appears in the newsfeed of targeted audiences, while InMail directs personalized messages to specific individuals.   

• LinkedIn events: Hosting events on LinkedIn is an effective way for law firms to connect with HNWIs by targeting specific demographics and locations. 

• LinkedIn showcase pages: These pages allow companies to highlight products or services and target them at a desired audience.

LinkedIn can also provide ways for law firms and their attorneys to showcase thought leadership. By regularly sharing professional insights, updates on industry trends, and success stories, they can position themselves as experts within their areas of practice and the legal industry at large, building credibility within the high-wealth community.

• Publish articles on LinkedIn: Publishing long-form articles directly on LinkedIn allows firms to demonstrate expertise on complex legal topics and new legislation or provide insights into industry trends.
• Engage with relevant content: Regularly liking, sharing, or commenting on content posted by others can boost a firm’s visibility and demonstrate its active interest in important issues.
• Host and participate in LinkedIn live sessions: Utilizing LinkedIn Live to host Q&A sessions, webinars, or panel discussions on current legal issues can significantly enhance a firm’s visibility and identify it as a go-to expert in real time.
• Join and contribute to industry-relevant groups: Being active in LinkedIn groups related to legal matters or specific industries allows firms to show expertise, answer questions, and participate in discussions, bolstering their leadership position in their fields. 

Networking and referrals

LinkedIn facilitates networking and opens doors to valuable referrals within the HNWI ecosystem. LinkedIn groups, for example, provide a platform for like-minded professionals to connect and engage in discussions relevant to their industry or interests. By joining and participating in groups of interest to high-wealth individuals, attorneys can display their expertise and build meaningful relationships with potential clients within this cohort.

LinkedIn also makes it easy to connect with financial advisors, wealth managers, and other professionals who serve HNWIs, allowing lawyers to broaden their networks and access new referrals as a point of entry to this niche market segment. 

Building relationships with high-net-worth individuals requires a personalized approach. LinkedIn, with its advanced targeting capabilities and in-depth user data, can be a powerful tool for law firms seeking to establish their expertise and natural relationships with this coveted demographic.

Guy Alvarez is a partner in Good2BSocial L.L.C., a digital marketing agency that focuses on law firms and companies in the legal industry. He can be reached at [email protected].